Laura Saunders

speaker

5,937 appearances 109 recordings 1 series first heard Jul 2017 last heard Nov 2024

Laura Saunders’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Tax Savings for Crypto Investors: How to Offset Steep Losses · 15 Nov 2022 podcast

The rules say that if you sell something and get a loss, you can't buy the same thing again within 30 days, either side of the sale at a loss. voice-verified

Those are called wash sale rules. voice-verified

So, you know, we've had some real dramatic market moves. voice-verified

And if you had sold to take your losses two weeks ago in some stock, then you couldn't really buy it back for 30 days. voice-verified

And because you couldn't buy it back quickly, you would have missed a huge updraft in the market. voice-verified

Crypto doesn't have that problem. voice-verified

So Congress has passed a law that takes effect in January that would make the brokers report transactions to the IRS just the way that stockbrokers have to report transactions to the IRS. voice-verified

So if people want to get their house in order, it would be a good time to do it now in the next few weeks before that law takes effect. voice-verified

I will tell you that the law might be delayed, so you might get a second chance. voice-verified

But pretty soon, if you haven't been paying your taxes and you have new transactions, you're going to be outed. voice-verified

what happens is they go to a judge and they say, we think people using this exchange may not be paying taxes on their crypto transactions. voice-verified

And so we want you, Mr. Judge, to have the exchange tell us about everybody who's traded more than $20,000 of crypto in the last five years, in any one year. voice-verified

And we want identifying information so that we can get in touch with them and say, what about your taxes? voice-verified

Now, they did this with Coinbase. voice-verified

They did it with Circle. voice-verified

They did it with Kraken. voice-verified

These are all crypto exchanges. voice-verified

And they've got a new one out to SFOX and to the bank that helped SFOX. voice-verified

They're not accused of wrongdoing. voice-verified

They haven't helped people hide their taxes, but they have the information the IRS wants. voice-verified

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